Rates on target, says RBA
By
Ben Abbott
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7/02/2012 9:00:00 AM
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The Reserve Bank has cut against economists' predictions today by leaving the cash rate untouched.
Signs of a strengthening job market added last minute fuel to a decision by the Reserve Bank of Australia to keep the cash rate unchanged at 4.25% today.
Despite the sovereign debt crisis in Europe which led many economists to predict an RBA cut of 0.25% at its board meeting today, the central bank decided the strong fundamentals of the Australian economy and on-target inflation meant no more stimulus was currently required.
The ANZ Job Ad series, released this morning, showed the largest rise in job advertising in nearly a year, increasing the case for a rate hold as concerns over a rising unemployment rate were alleviated.
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